Post by sevenofnine on May 1, 2023 11:19:30 GMT -5
Well it offical
The California Department of Financial Protection and Innovation (DFPI) said on Monday it had closed First Republic Bank and agreed a deal to sell its assets to JPMorgan Chase & Co and National Association.
DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of First Republic and said it accepted a bid from JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all deposits.
Treasury Department welcomes takeover
First Republic Bank is the third major US bank to fail in two months.
The US Treasury Department is encouraged that First Republic Bank was resolved with the least cost to the Deposit Insurance Fund, and believes the US banking system remains sound and resilient, a Treasury spokesperson said.
"Treasury is encouraged that this institution was resolved with the least cost to the Deposit Insurance Fund, and in a manner that protected a
www.dw.com/en/us-regulator-seizes-first-republic-bank-sells-to-jpmorgan/a-65479251
The California Department of Financial Protection and Innovation (DFPI) said on Monday it had closed First Republic Bank and agreed a deal to sell its assets to JPMorgan Chase & Co and National Association.
DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of First Republic and said it accepted a bid from JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all deposits.
Treasury Department welcomes takeover
First Republic Bank is the third major US bank to fail in two months.
The US Treasury Department is encouraged that First Republic Bank was resolved with the least cost to the Deposit Insurance Fund, and believes the US banking system remains sound and resilient, a Treasury spokesperson said.
"Treasury is encouraged that this institution was resolved with the least cost to the Deposit Insurance Fund, and in a manner that protected a
www.dw.com/en/us-regulator-seizes-first-republic-bank-sells-to-jpmorgan/a-65479251
!!
